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FYI: Emerging markets began to rally in late January last year. That's when the bottom was. We started the year very badly last year, so we were already in a 13% hole by the third week of January. We also had a pullback after the U.S. election, which was a surprise, and led people to pull money out of EM equities and put money into U.S. equities. Regards, Ted http://www.etf.com/sections/features-and-news/why-emerging-market-etfs-are-surging?nopaging=1